Terms 'substantially agreed' for Broad Marsh sale
BBCPlans to sell the site of the former Broad Marsh shopping centre have been published by Nottingham City Council.
The Labour-run authority took control of the site in 2020 after previous operator intu went into administration while a major refurbishment was under way.
New documents state the council does not have the resources to redevelop the area on its own, so it has been recommended it be made "surplus to requirements", with sale terms having already been "substantially agreed."
Construction could now begin in 2029, subject to the sale being approved.
The buyer and terms of the sale have not been disclosed "due to their sensitive commercial nature".
The value of the sale is also unknown, but documents say it will "generate a significant capital receipt" for the council.
The report, due to be discussed by the authority's executive board next week, states the transaction is due to be completed by the end of the current financial year.
The boundary of the area due to be sold includes both the NCP multi-storey car park and former college site, either side of Maid Marian Way.
The council said it envisages the NCP car park being demolished "at the appropriate time".
The former college is set to be developed into a "high-quality residential site with complimentary food and beverage and workspace provision".
The report says it currently costs the council £1.25m a year to hold and manage the Broad Marsh, but this would "increase significantly" if it was not sold, due to the "deteriorating condition" of the structure.
The documents state the purchaser will "begin active works on the project in the short term" and aims to start construction in 2029/30.
City Council leader Neghat Khan previously said she hoped the site would be fully developed by 2027.
Meanwhile, the "Green Heart" which opened last year will not be included in the sale and will continue to be maintained by the City Council.
The authority will also retain nearby assets such as the central library, Broad Marsh car park and bus station.
More than £3m of funding to help with demolishing the shopping centre's concrete frame was approved by the East Midlands Combined County Authority on Monday.
Plans to retain some of the frame as part of the redevelopment were scrapped last year.
A master plan for the area now proposes building more than 1,000 new homes on the site alongside 20,000 square metres of office, commercial and leisure space.
Further details are expected to be made public in the coming weeks.
The City Council declined the BBC's request for an interview.
In a statement, council leader Neghat Khan said the authority spent "many months" negotiating the sale.
"We understand that the delayed development of Broad Marsh has been a frustration for many since the part-demolished shopping centre was suddenly handed back to the council in 2020 following the collapse of intu," she said.
"It did, however, give us a once-in-a-generation opportunity to completely rethink the way the space was used – and we thank everyone who took the time to contribute to our Big Conversation consultation with their ideas."
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